Menu visibility control
Channels

Latest

Popular

Events

Mt. Gox shuts down Bitcoin transactions

bitcoin1
twitterlinkedinfacebookgoogle_plustwitterlinkedinfacebookgoogle_plus

Following a rumored $350 million hack and extended downtime, Japan-based Bitcoin exchange Mt. Gox has released an official statement confirming that it has shut down “all transactions for the time being.”

This decision, according to Mt. Gox’s official site, was made to protect the exchange’s service and users. Here is the Mt. Gox statement, in full:

Dear MtGox Customers,

In the event of recent news reports and the potential repercussions on MtGox’s operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.

Best regards,
MtGox Team

This announcement follows a joint statement made by Mt. Gox’s competitors, including CoinbaseKraken and Bitstamp.net. The statement condemned Mt. Gox’s actions as a “tragic violation of…trust.”

Repercussions

It is currently unclear whether victims of Mt. Gox’s shutdown will see their assets returned to them. That said, many former Mr. Gox users have already taken to public forums such as Reddit to mourn their losses and defend the larger Bitcoin community.

This development may damage Bitcoin’s image and has already affected the currency’s trading price. That said, even a permanent Mt. Gox shutdown doesn’t mark the end of Bitcoin.

twitterlinkedinfacebookgoogle_plustwitterlinkedinfacebookgoogle_plus

  • http://twitter.com/clicktoshareme Click To Share

    bit coins are looking a bit risky.

  • http://twitter.com/MichaelRaibin Michael Raibin

    . What a mess ! I may be biased, but you can’t beat real estate investment – it’s tangible, can produce income & capital growth

  • http://twitter.com/richardcarman Richard Carman

    Someone should do time for this: “: Mt. Gox shuts down Bitcoin transactions – http://t.co/V41OXI0hw7 http://t.co/ZSeyiWDPSn”

Editor's picks

London (3)

How could London benefit from a chief data officer?
posted 13 hours ago

reading

Reading cybersecurity company gets £3m from Swiss investment firm
posted on February 12, 2016

4H5A6236

Over $120m UK investment, Tech Nation Report, Amsterdam in the spotlight & more in your week in tech
posted on February 12, 2016

students

Property site Student.com gets $60m in funding
posted on February 11, 2016

DNA

11 steps to building the nation’s digital DNA
posted on February 11, 2016

growth

Firms in UK tech sphere ‘outpacing those in other sectors by 32%’
posted on February 11, 2016